PKN Orlen launches tender offer for rest of Energa
A 1.64-MW PV farm in Gdansk, Poland. Image Source: ENERGA.
Polish energy company PKN Orlen (WAR:PKN) today said it is ready to buy the 20% it does not own in the Energa Group at PLN 8.35 (USD 2.19/EUR 1.86) per share.
In a tender offer launched in December 2019, PKN secured 80% of the target’s share capital and roughly 85% of total voting rights at its general meeting. The price per share it offered at the time was the same and the transaction closed on April 30, 2020.
The new tender offer will open on October 9 and close on November 20.
‘We are building a strong multi-utility group capable of meeting the challenges of Poland’s energy transition. Effective integration within the Group is key to the process, therefore we said we want to acquire the full stake in the Energa Group from the very beginning,” said Daniel Obajtek, President of the PKN ORLEN Management Board.
In the second quarter of 2020, 47% of Energa’s power output was from renewables. It has a portfolio of 54 renewable energy assets, including hydropower plants (HPPs), onshore wind farms and solar photovoltaic (PV) parks, which are important for PKN Orlen’s carbon neutrality target for 2050. The acquisition supports PKN Orlen’s work to build a multi-utility group, diversifying and greening its revenue streams, which other international oil companies have also been doing.
PKN Orlen said it wants to delist Energa from the Warsaw Stock Exchange so it has already made a request to convene a general meeting of the company.